
# How do you think your grandmother manages her monetarily needs? 
Does she get a monthly income to survive? If so, how much? Do you think that’s enough to sustain? 
Well, we see differences among men and women in almost every sphere of life. It can range from education, securing a job to having equal growth opportunities. Pension pay is just one of the many gaps that exist among genders that are not even discussed. The global gender gap report found out that there is a 9% gender pay gap which has further led to a 40% decline in pension paid to women as compared to men globally. 

The gender pension gap is the percentage difference of pension income between pension income received by men and women. This gap has proved to be more harmful to women as they have access to a lower stream of income. Our men however, seem to have things somewhat figured out when it comes to financial planning and it’s our women who need to become more woke about topics like retirement and pension planning. 

In India, most women do not even have access to pensions. The money that they get in their old age is either their husband’s pension or meagre savings that they’ve over their lives. The women who do get pensions have an equally miserable life as the funds are much lower compared to men. Most women have shorter careers due to starting late, career gaps due to childbirth and early retirement. As observed by industry standards women also face a huge pay gap i.e., lower salaries when compared to their male counterparts. Women also don’t have access to leadership opportunities in many organisations which leads to faster job switching or many times leaving the workforce.

Women face other gender stereotyping and socio-economic challenges that often lead to quitting the workforce eventually leading to lower pension payouts. There is a lack of good childcare facilities causing women to step out and do the unappreciated and unpaid work of taking care of the house and family.

What our women truly need is to step up when it comes to money matters. Starting, they can educate themselves on personal finances. Here are a few steps women can take to educate themselves on personal finance which will surely help to reduce the gender pension gap. 

- Step 1: Setting up Financial Goals and adding monetary value to them. <br />E.g.,(1) Retirement fund should have Rs. 1 Crore in 30 years.<br />(2)Tuition fees for University - Rs. 25 Lacs in 10 years.

- Step 2: Figuring out your monthly expenses and savings. At the same time, understanding your risk appetite.

- Step 3: Educating oneself on investing avenues and figuring out the right platforms to save your money. 

- Step 4: Choosing and then Investing in the suitable instruments that match your risk appetite and meet your financial requirements timely. 

- Step 5: Revisit your goals and readjust your portfolio according to the market scenarios.

# What can we do?
Pension Planning has a huge need and if done right it has the potential to make you lead a much happier and more fulfilling life. Pensionbox is a digital pension platform that helps you plan your golden days so that you can lead a stress-free life. <br />[Sign up](https://pensionbox.in) today to know more about us. 


How do you think your grandmother manages her monetarily needs? Does she get a monthly income to survive? If so, how much? Do you think that’s enough to sustain?

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